Investors' Soapbox PM

Icahn's Offer for Greenbrier Looks Low

Sterne Agee notes the price is only a 5% premium from Monday's close.

December 18, 2012

Sterne, Agee & Leach

American Railcar Industries, which is majority owned by Carl Icahn, announced an offer of $20 per share ($542 million in cash) for Greenbrier on Tuesday morning. This does not come as a surprise given Icahn's mid-November announcement of a 10% stake.